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The global market for injection molded plastics is expected to reach USD 277.78 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for plastic as a packaging material coupled with the growing packaging industry in Asia is expected to be a key factor driving market demand over the next six years. In addition, the growing need for weight reduction in automobiles is also expected to augment the demand for plastics as a substitute to metal which in turn is expected to increase the demand for injection molded ABS and polypropylene. Volatile crude oil prices coupled with growing environmental concerns is expected to be a key issue for market participants.

Packaging was the largest application segment of the market, accounting for over 30,000 kilo tons of demand in 2013. Growing preference towards plastics as packaging materials owing to their light weight and better aesthetics is expected to be a key factor driving the market over the forecast period.

Global injection molded plastics market demand was 92,312 kilo tons in 2013 and is expected to reach 130,139.7 kilo tons by 2020, growing at a CAGR 5.0 % from 2014 to 2020.

Asia Pacific was the largest regional market for injection molded plastics, with market revenue of USD 70.18 billion in 2013. In addition, Asia Pacific is expected to witness fastest growth in demand, at an estimated CAGR of 5.4% from 2014 to 2020, owing to the increasing automotive and construction industry in the region

Polypropylene was the highest injection molded resin, with volume estimated at 32,836.1 kilo tons of demand in 2013. Growing demand for polypropylene in packaging is expected to be a key driver for the market. In addition, the growing demand for ABS in automotive industry is expected to boost demand over the forecast period.

The injection molded plastics market is fragmented with large number of participants operating in the regional and global market. The key participants include Dow Chemicals, BASF, Exxon Mobil, DuPont, Lyondell Basell and SABIC among others.

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com.